New Guidelines On How Banks Interact With Legalized Marijuana Businesses, With Anjali Dooley, St. Louis, Missouri

The Obama administration has put out guidelines on how marijuana businesses interact with banking services.  Supporters say this will make it easier to coordinate between the business and the banks but the banking industry says this is making things even more complicated.

Anjali Dooley, attorney in St. Louis, Missouri with the Law Office of Anjali Dooley, says that the banks might have more paperwork and problems due to the new regulations but the U.S. Department of Justice is scared of there will be money laundering and organized crime issues if they really let the states operate the way they want to operate.  This is not because of the banks but because of the individuals running the legalized marijuana shops, she adds.

The states are still not independent because the Department of Justice has reserved the right to file a lawsuit against a state because according to the Controlled Substances Act, marijuana is still an illegal substance, notes Dooley.  The government is trying to give states independence but at the same time, is reserving the right to file suit against a state.

Dooley understands it might take an "act of Congress" to fix this but does understand that Department of Justice's concern.

Anjali Dooley is an attorney in St. Louis, Missouri.  For more information on her, click here.  She spoke with The Legal Broadcast Network, providing online, on-demand, legal video content.  The Legal Broadcast Network is a featured network of Sequence Media Group.